TokenAnalyst Research Retail Investors Are Not Happy About Crypto

Bitpay under fire after the crypto exchange denied helping raise funds for the saving of the Amazon Rainforest after the massive wildfires that destroyed it as we can read in all of the altcoin news reports these days.

The bitcoin blocked donation has caused bitpay some headaches because the crypto community has trashed the exchange for their decision. According to the social media exchange on August 23, the cryptoprocessor is facing some harsh criticism after it failed to allow the $100,000 Bitcoin donation to go through. The payment came directly from a donor to the Amazon Watch charity which uses the exchange’s platform to accept cryptocurrency payments.

BitPay rejected the payment because the Amazon watch’s maximum permitted amount was a little lower than $100,000 and after they ignored the formal complaint, the staff of the exchange told the charity on Twitter it could easily solve the problem by changing the settings in its account. This, however, turned out to be very untrue because in order to allow a higher level the company must first submit compliance:

 “…We tried to increase the volume but can’t do it through the dashboard and were told we needed to email compliance.’’

The debacle brought BitPay under fire due to the massive criticism which frequently engulfs the exchange. The prolonged bureaucracy compounded by another scandal including transaction fees which have led to frequent calls for business to open the source alternative payment processor and the logic as explained on Twitter pointed out in the comments on Amazon Watch’s difficulties is because Bitcoin is a free and open payment system and there are third parties that verify the transactions arbitrarily in order for the cryptocurrency to serve its purpose:

 “…You don’t need (BitPay) to reject your transactions when you can verify them yourselves for free.’’

As noted in the latest cryptocurrency news, BitPay’s difficulties have had a long history since 2017 even when the executives opted to support the controversial SeGwit2x bitcoins scaling proposal which eventually led for the crypto wallet Trezor to ditch the company. Amazon watch even stated that it would look into using BTCPay an alternative open-source option which could copy that similar one of the travel agent CheapAir from 2018.
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The backlash over the previous actions of the exchange led to many customers closing their accounts and invoices.